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Author Question: Consider the data given in the table below.a.Plot the data on a scattergram. Does a quadratic model ... (Read 109 times)

KimWrice

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Question 1

The table shows the profit y (in thousands of dollars) that a company made during a month when the price of its product was x dollars per unit.



a. Fit the model y = β0 + β1x +  β2x2 + ε  to the data and give the least squares prediction equation.
b. Plot the fitted equation on a scattergram of the data.
c. Is there sufficient evidence of downward curvature in the relationship between profit and price? Use  

Question 2

Consider the data given in the table below.



a.Plot the data on a scattergram. Does a quadratic model seem to be a good fit for the data?
Explain.
b.Use the method of least squares to find a quadratic prediction equation.
c.Graph the prediction equation on your scattergram.


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Marked as best answer by KimWrice on Feb 14, 2020

atrochim

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KimWrice

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Reply 2 on: Feb 14, 2020
Great answer, keep it coming :)


AISCAMPING

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Reply 3 on: Yesterday
Gracias!

 

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